GOLD STANDARD

Hokitika Guardian, 5 December 1932, Page 5

GOLD STANDARD

SOUTH AFRICA ’FIRM

HERTZOG’S POLICY SPEECH

(United Press Association—By Electrio

Telegraph—Copyright)

CTAPETOWN December 2,

General Hertzog, prime Minister of South Africa, addressing th e constituents, gave no hint of any change of monetary policy. On the contrary, he siaid that he could not imagine that any greater calamity could befall than tlifjjt ;the ioou|.it(ry coulU be foolish enough to go off the gold standard. He accused General Smuts of gross ignorance regarding the recovery of Australia .and h'e quoted the Melbourne report that wool, the production of which cost 9-Jd per lb, realised Bjd per pound. The Wool Committee had stated that the industry was on the verge of a collapse in Australia- Similarly, lie, said, Britain had had to compromise with her creditors or else declare her insolvency. Likewise he said, devaluation Was blind robbery within the la. It could only be justified by direct state necessity.

General Hertzog said he was convinced that the economic conditions of thle Union of South Africa were oft the mend l .

H© said that the defection of labourites in Germiston was another indication of the efforts of their enemies to rob the Afrikanders of their language right. General Hertzog announced his retirement from politics after the genefts! election of 1934.

INDIAN SHIPMENT TO U.S.A

CALCUTTA, December 3

What is believed to be the largest single consignment of gold shipped from India in recent years has left in the liner “President Harrison” for New York. It is valued at one million eight hundred! and (eighty thousand sterling. It is all bar gold except one hundred and twelve thousand sovereigns.